Including the assumption of about $47.6m in debt, which is already consolidated by Hershey as the majority shareholder, the company will own the Maha Lacto and Nutrine candy brands and the Jumpin and Sofit beverage brands as well as the related manufacturing facilities.
The transaction is expected to close by the end of the third quarter and the new entity will transition to use the name Hershey India as it becomes a wholly owned subsidiary of The Hershey Company. As part of the transaction, the minority shareholders will receive an undisclosed cash consideration.
JP Bilbrey, president and CEO, The Hershey Company, said: “India is a key focus market for The Hershey Company. We have a great deal of respect for Godrej. Our partnership provided us with insights and an understanding of the consumers and customers in India.”
Source: The Hershey Company
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